The landscape of cryptocurrency is undergoing a fundamental shift. According to the latest statistics, over 1.1 million Bitcoins have been accumulated in the treasuries of the top 100 publicly listed companies worldwide—this number has set a new record. In other words, approximately 5.26% of the total Bitcoin supply and 5.5% of the circulating supply are locked up by these enterprise-level players.

This is no longer just about large holders holding positions. What is truly happening is a major transformation in asset attributes—Bitcoin is evolving from a speculative tool into a long-term strategic reserve on global corporate balance sheets.

From "trading chips" to "treasury lock-up," the game rules have been completely rewritten.

Look at the main players entering the market: tech investment giants like MicroStrategy and Metaplanet. They differ completely from retail investors chasing short-term fluctuations or hedge funds seeking quick in-and-out moves. These companies back Bitcoin with corporate creditworthiness and treat it as a long-term asset allocation. They are not after short-term arbitrage but are seeking an insurance policy against currency devaluation and to strengthen their balance sheets against risks.

What are the consequences of this behavior? Two direct impacts are evident:

**1. Liquidity has been drained**

Those "floating chips" that used to trade frequently in the market are now permanently or long-term frozen. This is equivalent to draining the most unstable selling forces in the market. As a result, price volatility no longer dances with retail sentiment but is more aligned with long-term value recognition and macro financial trends—making Bitcoin’s pricing logic more rational and stable.